Chicago: Mayor Brandon Johnson, R2 Development Celebrate Grand Opening of The Bellwether, First Completed Office to Residential Conversion in The Loop

CHICAGO ~ Chicago Mayor Brandon Johnson, along with R2 Development, Alderman Bill Conway (34th), and city officials, gathered today to celebrate the grand opening of the Bellwether Residences at 79 W. Monroe St. in the Loop. The $64.2 million project transformed a historic office building into affordable housing units, marking a significant milestone in the city's efforts to revitalize the downtown area.

The ribbon-cutting ceremony was attended by Mayor Johnson, who expressed his administration's commitment to transforming the Loop into a vibrant 24-hour neighborhood. "When the pandemic and societal shifts changed the way people work, my administration refused to accept decline," said Mayor Johnson. "Instead, we thought boldly and advanced the LaSalle Corridor Revitalization effort to bring new housing to our city while incubating the environment needed to drive further investment."

Led by developer R2 with support from City funding, The Bellwether converted 11 floors of vacant office space into 117 mixed-income residential units and lower-level retail space. Of these units, 41 are designated as affordable for households earning an average of 60% of the area median income.

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Gary Stoltz, R2 Partner, highlighted the significance of this project in reimagining Chicago's historic downtown assets. "It demonstrates what is possible when we look at these buildings with fresh eyes and invest in their next chapter," said Stoltz. "We are incredibly proud to take a building that has been part of the Loop for more than a century and give it new life as 117 homes for Chicagoans."

The City's support for this project includes $28 million in Tax Increment Financing and a landmark designation approved in 2025 to facilitate $7.8 million in federal historic tax credits.

According to Department of Planning Development (DPD) Commissioner Ciere Boatright, The Bellwether is just one example of how downtown office conversions are redefining the concept of living, working, and playing in the heart of Chicago. "The Bellwether is the vanguard for downtown office conversions that are reimagining what it means to live, work, and play in the heart of Chicago," said Commissioner Boatright.

The Bellwether offers studio, one- and two-bedroom residences, as well as indoor and outdoor amenity spaces. The project also includes the restoration of key architectural features, such as the building's iconic "weather bell" sign.

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This project was one of six selected through LaSalle Street Reimagined, an initiative led by DPD to convert vacant and underutilized office space along the LaSalle Street corridor into mixed-income residences and other neighborhood amenities. In total, these projects will repurpose more than two million square feet of space into 1,765 homes.

These efforts are complemented by nearly two-dozen private conversion projects currently underway across the downtown area. These projects have a combined value of $1.8 billion and will create 3,900 units while repurposing approximately four million square feet of underutilized commercial space.

The Bellwether was originally built in 1905 by restaurateur Charles E. Rector and is considered to be the oldest surviving commercial high-rise designed by Chicago architect Jarvis Hunt. The building's classical and modernist Prairie School design elements have been preserved throughout its transformation. It has housed several financial institutions over the years, including Bell Savings & Loan Association which added the iconic "weather bell" sign to its corner in 1951.

For more information on the City's LaSalle revitalization initiative, visit Chicago.gov/LaSalleStreet.

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